PartnerRe "overweight"

08/23/07 - Lehman Brothers

NEW YORK, August 23 (newratings.com) - Analyst Jay Gelb of Lehman Brothers maintains his "overweight" rating on PartnerRe Ltd (PRE). The target price is set to $82.

In a research note published this morning, the analyst mentions that the company’s loss reserves are nearly 9% redundant as of end-2006. PartnerRe’s specialty casualty loss reserves for the 2003 underwriting year may include loss reserve redundancies, the analyst says. The company appears to be optimistic about its loss reserve positioning in view of the voluntary disclosure of global loss triangles, Lehman Brothers adds.